Why American Entrepreneurs Have Less Fear of Failure

A new report indicates the countries where business owners are most likely to take risks.

Fail fast, fail cheap and learn from your experiences is a catchcry repeated daily across the startup world. Don’t be scared to fail, celebrate it, you hear mentors preach.

Being willing to take risks is part of the entrepreneurial spirit. According to the Global Entrepreneurship Monitor report, the fear of failure fluctuates depending on where you are in the world.

The chart below shows the percentage of individuals aged 18-64 who report that fear of failure would prevent them from setting up a business. The lower the percentage, the lower the fear.

“Fear of failure can be a strong inhibitor for seizing opportunities and transforming entrepreneurial intentions into entrepreneurial activity,” the report says.

The highest fear of failure was expressed by respondents in EU economies (40.7%), followed by respondents in Asia and Oceania region (37.5%).

In the EU the highest fear of failure rates were recorded in Greece (61.6%), Poland (51.1%), Belgium (49.4%) and Italy (49.1%).

In the group of Asian and Oceania economies, the highest fear of failure was expressed by respondents in Japan (54.5%) and Vietnam (50.1%). Australia recorded a fear factor of 39.21%, much higher than the US which came in at 29.66%.